DMP Mutual Support Thread - Part 7

eyeopener2

Jenjen wrote: »

Funnily enough I was just thinking I should probably have done this in a seperate thread. I will work out what is needed for a SOA and post it over the weekend. Thank you for your help tonight. We have lots to think about but pretty sure this is the route we will be going down.

Hi Jen

As you haven't missed any payments as yet a SOA is probably a good idea so the rather clever bods on DFW can pull it apart and see if there are any other options than a DMP.

A DMP will wreck your credit record, if your bothered about a credit record that is as I wasn't, but if you are there may be other options before you press the go button on the DMP with CCCS.

Good luck, get posting that SOA.

E2

Jenjen

sickasachip13 wrote: »

Hi Jenjen,

Just to say hang in there, you've done so well getting to this point, you do have options. Get CCCS on the case. I did a blog about going onto a DMP, for CCCS, the details can be found in my blog for looking it up.

Best of luck and I'll be back tomorrow with more thoughts

SAAC

Thank you. I actually read your blog yesterday as I stumbled accross it in another post. Very inspiring thank you.

Jenjen

eyeopener2 wrote: »

Hi Jen

As you haven't missed any payments as yet a SOA is probably a good idea so the rather clever bods on DFW can pull it apart and see if there are any other options than a DMP.

A DMP will wreck your credit record, if your bothered about a credit record that is as I wasn't, but if you are there may be other options before you press the go button on the DMP with CCCS.

Good luck, get posting that SOA.

E2

Thank you. I will do the SOA tomorrow as I am working this evening. I'm a bit nervous about having it all pulled apart though I must admit.

Jenny

NaughtySpot

Please can I tentatively join this thread?

I have a DMP ready to go, just need my new bank account details through then I can send it off. Very nerve-wracking and a lot of sleep has been lost over this.

Quick question if I may; have had counselling from the CCCS and all is sorted, but DH and I have just remembered his credit union loan that we haven't declared to the CCCS. This comes out of DH's wages before we get it and has been running perfectly and will continue to do so, and TBH we both just forgot all about it.

Can it be left like that or will it have to be lumped in with everything else?

sickasachip13

Hi naughtyspot, welcome to the thread. it's understandable to be nervous about it all, it settle after a little while of bumps in the road. On your credit union loan, as far as I'm aware all DMPs ask that all debt be put into it.

Growurown

QUOTE=Twit Head;48766907]

the time has finally come. It seems totally surreal still; after all the ups and downs of my DMP I’m able to post this final (??? – no promises!!!) message.

'Twitty'[/QUOTE]

Hey Twitty, thrilled for you on being debt free! Can't wait for the day when I can say the same, a long way off yet though.

You must be feeling fabulous, but I hope you will still visit, your advice and humour have been a treasure.

I wish you all the best for a debt free future. (I'm imagining you now walking off into the sunset!):j:j:j

Standingtall

Hi Debtfree125. I have recently began a DMP through Payplan and I have only one phone call (Kays catalogue - my lowest debt) and no house visits at all. My plan is due to last over a decade if all interest and charges frozen. Like you I found this time frame very daunting and in my case, due to my age, it is unlikely I will ever now get credit again. Due to this I looked at the option of an IVA instead but I am apparently unsuitable for this.

However, with hindsight I now prefer the DMP. The reasons being that the living allowances are far more lenient thus i have enough money to enjoy the rest of my daughter's childhood. She is 12 so would have been grown by the time an IVA completed. (I also have a son but he is now adult). Secondly, I can sleep at night. Thirdly - what else could I do! Unfortunately the debts were not going to magically disappear.

You should also take into consideration that a DMP does not have to be permanent.

On the downside your credit rating will be wrecked, but unless you can maintain the payments for the next 3 years as you suggest, then it will be wrecked anyway.

Good luck with whatever you decide. Post your SOA so people can make suggestions. Well done on leaving abusive partner:beer:

NaughtySpot

sickasachip13 wrote: »

Hi naughtyspot, welcome to the thread. it's understandable to be nervous about it all, it settle after a little while of bumps in the road. On your credit union loan, as far as I'm aware all DMPs ask that all debt be put into it.

I was afraid of this; I feel sick as it's even worse now.

I'm off on Wednesday so I'll phone them then to check before doing anything.

Thanks.

debtfree2015_2

Standingtall wrote: »

Hi Debtfree125. I have recently began a DMP through Payplan and I have only one phone call (Kays catalogue - my lowest debt) and no house visits at all. My plan is due to last over a decade if all interest and charges frozen. Like you I found this time frame very daunting and in my case, due to my age, it is unlikely I will ever now get credit again. Due to this I looked at the option of an IVA instead but I am apparently unsuitable for this.

However, with hindsight I now prefer the DMP. The reasons being that the living allowances are far more lenient thus i have enough money to enjoy the rest of my daughter's childhood. She is 12 so would have been grown by the time an IVA completed. (I also have a son but he is now adult). Secondly, I can sleep at night. Thirdly - what else could I do! Unfortunately the debts were not going to magically disappear.

You should also take into consideration that a DMP does not have to be permanent.

On the downside your credit rating will be wrecked, but unless you can maintain the payments for the next 3 years as you suggest, then it will be wrecked anyway.

Good luck with whatever you decide. Post your SOA so people can make suggestions. Well done on leaving abusive partner:beer:

Hi StandingTall,
thank you for replying. Ive managed to talk myself round and unround about 6 times since I posted on here
Ive decided to see how long I can muddle on for - I am yet to default though I have come close a few times. Overdraft fee is a pest but its not lasting damage to my file.
Even if I manage to do another 3 months at the current payments, that will knock almost a year of the DMP, need to try just a little longer.

I will transfer my bank account though, so if I can't cope and have to do it Il be ready to dive straight in. Mentally too it might help me feel more positive if I seperate my debts, ie leave them in my old account with a monthly standing order to that account.

Fingers crossed my plan works :T

Good luck on your DMP xx

londonfraggle

Hello all - not been around for a while as all ticking along just fine! Still pop in and read the thread often though and good to hear that most are coming along well and still trudging along that debt free path....

I have a question for those with more knowledge than me! I'm now less than a year away from my DFD - payments going out fine and creditors all getting well above the contractual amount but luckily no one kicking up a fess (i.e. not adding interest etc. - well bar one or two but it's v much reduced).

It looks like I might get a pay rise soon (woo hoo - but am not counting my chickens of course). Now obviously I know that I could increase my DMP payment and therefore clear the debt in a shorter period of time OR - do I have to tell my DMP company? My thoughts being a) I really don't want to rock the boat with the creditors now with such a short space of time to go, and b) that extra money could be squirreled away to make a few F&Fs as I get towards the end of the plan (or indeed as a slush emergency fund which I don't have at all at the moment). I don't want to risk angering my DMP company who have been ace to me, but it seems such a shame to go mucking everything up when it's all working so well.

What do you all think? Could my DMP company find out (if I don't tell them that is - they've never asked to see my payslips but I suppose it could suddenly happen). I also suppose it would mean not telling them at my next review - which ok ok is lying, and I confess I'm not too comfortable doing that (plus am rubbish at lying anyway!).

I just know deep down that increasing my payment will mean some of the preditors think they can get even more by starting to add interest (I had a few wobbles a few months ago when a few threatended but it never happened). I wonder if anyone thinks this might be the time to consider doing my own DMP? But then I guess the preditors would want to see my payslips anyway? Plus I've been so impressed by the DMP company I'm loath to leave them....

Argh - what to do? Would appreciate your thoughts and advice please - bit of a moral dilemma here. (and of course may be a complete waste of time even discussing this if the rise doesn't happen but I'd like to be prepared).

Ta v much and happy sunday to you all. Fraggle x